The wide scale use of pressure sensitive masking tape and scotch type tapes has inspired a proliferation of devices for dispensing and/or applying these tapes. Prior constructions provided to meet these needs are subject to numerous shortcomings and disadvantages including complexity, costly construction, complex means for severing the tape at the end of an application cycle, unsatisfactory means for retaining the tape captive between dispensing cycles and for presenting a sufficiently long free end in a viewable and accessible position for accurate anchoring to a surface without displacement or damage to that surface at the start of and during a dispensing cycle, lack of means for storing the free end of the tape in a protected position concealed within the housing when the device is not in use and other shortcomings. Fritzinger U.S. Pat. No. 2,582,979, Zbinden U.S. Pat. No. 3,523,053, Urushiazaki U.S. Pat. No. 4,097,328 and U.S. Pat. No. 4,238,271 and Iiama U.S. Pat. No. 4,345,966 patents each propose tape applicators having retractable tape carriers but each requires linkage means to move a cutting knife into a severing position upon retraction of the tape carrier. Fritzinger U.S. Pat. No. 2,486,470, Cutter U.S. Pat. No. 2,606,682, Regan U.S. Pat. No. 3,725,182 and U.S. Pat. No. 4,253,905 and Weick U.S. Pat No. 3,813,275 patents each propose a tape applicator having a handgrip portion, but in no instance is the handgrip foldable, operatively connected with a retractable carrier, or useful in protecting the free tape end when the applicator is not in use. Boyce U.S. Pat No. 3,586,587, Regan U.S. Pat No. 3,725,182, Parker 3,745,086 and Fritzinger 2,486,470 and U.S. Pat. No. 3,785,901 patents show applicators having severing blades with protective expedients during a dispensing cycle, but in no instance is the guard mechanism operatively associated with a retractable tape carrier. Robison U.S. Pat. No. 3,707,426 proposes a hand held tape applicator having two tape dispensing ports, one of which is useful in applying tape to a long flat surface and the other of which is useful when it is desired to detach short lengths of tape for hand application. In either mode of use the device must be hand held.